Can Schedule FA (foreign accounts) details be corrected or added through rectification ? Thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160439 Points)
Replied 22 March 2019
Better to file revised return.
shalini
(CA)
(525 Points)
Replied 22 March 2019
Actually return has been processed. So i am not able to file revised return. Now client has got notice u/s 143(3) for foreign accounts details. Assessee has made some significant bonafide mistakes in the disclosure like she forgot to disclose one foreign account and showed balance of other account significantly high by mistake. I have replied to the notice. Can I correct all the mistakes through rectification? Thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160439 Points)
Replied 23 March 2019
As such it cannot be called apparent mistake that can be rectified by rectification u/s. 154 of the act. While you have already replied to the notice, specifying the rectification so changing the ITR again will not help.
Well, ITR for AY 2017-18 & 2018-19 can be revised, till 31.03.2019, even if intimation u/s. 143(1) be received,
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